Driving Sales in Q4 with Discovery Commerce
The holiday season is approaching which means holiday shopping and holiday marketing. At Radiant, we can hardly contain our excitement for the season!
But many marketers may be feeling a bit intimidated by the privacy changes that took place this year, and how they can still be effective in their efforts.
It is vital – especially for smaller businesses – to leverage the digital tools available to them during this time to create the most effective strategy and drive the greatest number of sales.
When you look at which channels will be most effective for your organization, we encourage you to consider Facebook. Facebook still has 2.90 billion monthly active users and a handy little tool called Discovery Commerce.
What is Discovery Commerce?
Compared to traditional e-commerce that requires people to find your products, Discovery Commerce is an advertising strategy that works to find people for your products. This type of advertising helps advertisers learn and optimize while respecting the ever-growing focus on privacy.
Utilizing these tools to measure the quality of your advertising efforts depends on 5 essential elements:
- Cross-channel understanding
- Incrementality via experimentation
- Comparison testing
- Real-time monitoring
- A focus on privacy
With the current tools and technology at hand and these elements in mind, marketers are better equipped to broadcast the value of their business.
Cross-channel understanding
Understanding the impact of each channel on your business outcomes relies on inputting the right data and choosing the best attribution model. Contemporary MMM (Marketing Mix Modeling) is a model which gives aggregated but granular information from both offline and online channels.
Using this and any attribution model can prepare your business to incrementally increase your marketing efforts on Facebook and drive increased revenue.
Incrementality via experimentation
Incrementality is the true value created by any business strategy. It may be a new term but it has been a long-standing concept.
Facebook helps understand incremental impact with lift studies. Lift tests can help you understand the incremental impact of your holiday ads by using test and control groups.
Lift tests can help answer questions such as:
- What impact is your holiday campaigns having on online sales?
- How is your holiday campaign’s impact on customer acquisition?
- What tactics are driving the most incremental impact?
- What is the impact of your holiday campaign on offline sales?
Experimentation also allows you to test one message over another to identify what resonates best with your audience.
Comparison testing
A/B testing falls into this category and can be beneficial as you learn to fine-tune your ads to drive sales back to your business. These tests can also tell you which of your ads is the most efficient going forward so that you can maximize the results derived from your budget.
Regularly monitor your tests and adjust as necessary to optimize in real time.
Real-time monitoring
It is critical during the high-stakes holiday season to troubleshoot underperforming campaigns and optimize your best results.
You can’t just start your ads and let them go and expect the best results! Diligently monitoring your ads can allow you to make the most out of your budget.
A focus on privacy
The world is becoming ever more privacy-focused so it is important to adapt to those changes in the ways we can.
Apple drastically changed its IOS for iPhones to better align with the needs/preferences of the public. These changes made waves in the online advertising business and Facebook provided resources and adaptations within their Ads Manager for businesses to still track/target their ads effectively with these changes.
To survive in this marketplace, we must adapt to these changing times and best utilize the data from our ads to drive the most effective results.
Facebook’s Discovery Commerce has loads of resources to offer and by thinking of these elements when utilizing Discovery Commerce, you can succeed in driving sales in Q4!
Do you need help developing an effective digital strategy for your business? Schedule a discovery session today!
